As of October 30, 2024, Chancellor of the Exchequer Rachel Reeves implemented her first budget to address the UK's economic challenges. The country faced a decade of low growth, a significant black hole in public finances, and strained public services. The chancellor aims to restore economic stability, enhance infrastructure, and stimulate growth to ensure long-term economic resilience and prosperity, providing a sustainable path for public finance.
The budget plan marks a significant shift in fiscal policy, characterized by one of the most substantial increases in government spending, taxation, and borrowing in UK history. Her strategy combines immediate fiscal pain through £41 billions of annual tax increases by the end of the decade with a longer-term plan to invest in capital projects, which £142 billions of extra borrowing will fuel over five years.
Read the full report by visiting the link below: